ULAANBAATAR, July 9 (Yonhap) — Mongolia is poised to become the next land of opportunity for South Korean firms as it takes steps to attract more foreign investment, Seoul’s top envoy to Ulaanbaatar said Thursday.

In a first step, Mongolia revised its foreign investment laws last year in a bid to improve the business environment for foreign firms.

“The Mongolian economy is rebounding after nearly hitting bottom this year, so many expect it to become a land of opportunity,” Ambassador Oh Song said in an interview with Yonhap News Agency.

In May, an Australian company signed a contract to develop a copper mine in Mongolia, while China and Japan are reported to be closing deals to develop the country’s coal mines.

“As an inland country, Mongolia has a lot of interest in projects to link railways and China and Japan are very eager to take part,” Oh said. “South Korea has also made some investments in the construction of such social infrastructure, but there are still a lot of areas to be developed.”

As the two countries mark the 25th anniversary of diplomatic relations this year, their ties have expanded across various sectors ranging from medical services to Korean pop culture, with some 30,000 Mongolians currently working in South Korea, the ambassador said.

On Wednesday, Yonhap signed an agreement with Mongolia’s state-run Montsame News Agency under which the two sides will exchange articles promoting their respective countries.

Ambassador Oh Song speaks to Yonhap News Agency in Ulaanbaatar, Mongolia, on July 9, 2015. (Photo courtesy of South Korean embassy to Ulaanbaatar) (Yonhap)